Satisficing Study guides, Revision notes & Summaries

Who headed the Resettlement Administration? correct answer: Rexford Tugwell Who wrote The Practice of Local Government Planning? correct answer: Frank S. So Who designed Riverside, Illinois, the first model for all future American Suburban land planning? correct answer: Frederick Law Olmstead, Sr. Who was the father of Advocacy Planning? correct answer: Paul Davidoff Who is associated with Management by Objective (MBO)? correct answer: Peter Drucker Who termed the word 'mega...

bounded rationality -ANSWER- A set of BOUNDARIES or CONSTRAINTS that tend to complicate the rational decision-making process transaction costs -ANSWER- the expenses of negotiating and executing a deal (the cost of completing a sale/purchase) cost of uncertainty -ANSWER- chance that price of an asset will change; unstable stocks or bonds incomplete contracts -ANSWER- When a consumer or seller is not able to maximize the benefits of a transaction because they are not aware of all the fact...

Study for WPC 300 final exam Q&A Heuristic - CORRECT ANSWER-Learns by acting Uses trial and error Values experience, effort reduction Relies on common sense Seeks satisficing solution Fast and frugal May lead to decision biases! analytics - CORRECT ANSWER-developing actionable decisions or rec for action based on insights from histroical data -combo of computer tech, mgt sci techniques, and states to solve real problems -sports analytics, tinder descriptive - CORRECT ANSWER-...

UCF MAN 3025 EXAM 2024 WITH 100% CORRECT ANSWERS In management, "good information" is relevant, understandable, timely, accurate, and ______. - correct answer complete ________ are managers who ignore any and all information that would indicate a problematic situation. - correct answer Problem Avoiders Managers that use a(n) _____________ approach are generally very rational and use rational methods of problem solving. - correct answer Systematic Thinking _________ prefer hard, ...

What does the first section of the AICP Code of Ethics cover? Principles to which we aspire What does the second section of the AICP Code of Ethics cover? Our rules of conduct What does the third section of the AICP Code of Ethics cover? Our code procedures What does the fourth section of the AICP Code of Ethics cover? Planners convicted of serious crimes - automatic suspension of certification How many sections does the AICP Code of Ethics have? 4 How man...

• What does knowledge about good decision making lead one to believe? A) Good decision makers are usually right-brain, intuitive thinkers B) Effective decision makers are sensitive to the situation and to others C) Good decisions are usually made by left-brain, logical thinkers D) Good decision making requires analytical rather than creative processes Ans: B Feedback: Good decision makers seem to have antennae that make them particularly sensitive to other people and situations. Left-bra...

Henry Ford had a rule when hiring executives: "if they salted their food before they tasted it, then they would be poor decision makers and they were not hired." This is an example of - Answer-a programmed decision non-programmed decisions are associated with decisions made under conditions of - Answer-both uncertainty and risk A retail store uses a cognitive ability test to hire candidates for a managerial position. They have found when they use a cut-score of 115 (an above average IQ s...

Optimizing and Satisficing - ANSWER--organizations exist to achieve a goal by either optimizing or satisfying MECE - ANSWER--Mutually Exclusive: each issue is separate and distinct -Collectively Exhaustive: every aspect comes under only one issue Herbert Simon - ANSWER-Bound rationality: the ability to make decisions is limited by a number of factors (cognitive limitations, time available, etc.) Classical Management? Types & founders? - ANSWER--Careful selection and training of worke...

AICP Questions and Answers Already Passed The period between 1860 and 1870 in the US saw the beginning of suburbanization, with the creation of small settlements beyond large cities. Which of the following cities exemplifies this early American suburbanization? a) Radburn, New Jersey b) Riverside, Illinois c) Lake Forest, Illinois B Which system may be used for legal description purposes? a) US Government Survey b) Metes and Bounds c) Lot, block, and tract d) All of the above D Fred French Co...

bounded rationality -ANSWER- A set of BOUNDARIES or CONSTRAINTS that tend to complicate the rational decision-making process transaction costs -ANSWER- the expenses of negotiating and executing a deal (the cost of completing a sale/purchase) cost of uncertainty -ANSWER- chance that price of an asset will change; unstable stocks or bonds incomplete contracts -ANSWER- When a consumer or seller is not able to maximize the benefits of a transaction because they are not aware of all the fact...